SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report: July 27, 2005
Commission File Number 1-7107
LOUISIANA-PACIFIC CORPORATION
(Exact name of registrant as specified in its charter)
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DELAWARE |
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1-7107 |
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93-0609074 |
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(State or other jurisdiction of |
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Commission File |
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(IRS Employer Identification No.) |
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incorporation or organization) |
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Number |
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414 Union Street, Suite 2000, Nashville, TN 37219
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (615) 986-5600
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 2.02. |
Results of Operations and Financial Condition. |
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On July 27, 2005 Louisiana - acific Corporation issued a press release announcing financial results for the fiscal quarter and six months ended June 30, 2005, a copy of which is attached hereto as Exhibit 99.1. |
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Item 7.01. |
Regulation FD Disclosure |
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Continuing its focus on core operations, LP has announced its intent to divest its vinyl operations. In accordance with Statement of Financial Accounting Standards (SFAS) No. 144, “Accounting for the Impairment or Disposal of Long-Lived Assets,” LP is required to account for the businesses anticipated to be sold within one year as discontinued operations. Accordingly, commencing with the quarter ended June 30, 2005, LP is classifying its vinyl operations as discontinued operations. |
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In order to facilitate comparisons between LP’s results of operations and segment data for periods ended before June 30, 2005 and after June 29, 2005, LP has included as Exhibit 99.2 hereto unaudited condensed consolidated statements of income for the year ended December 31, 2004, and for each quarter included in the year 2004 and year-to-date 2005, together with related selected segment information, all of which have been restated for informational purposes to conform to the presentation for the quarter ended June 30, 2005. The information contained in Exhibit 99.2 is not a substitute for, and should be read in conjunction with, the historical financial statements (including the notes thereto) and other information contained in LP’s annual reports on Form 10-K and quarterly reports on Form 10-Q as filed with the Securities and Exchange Commission for the corresponding periods. |
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Item 9.01. |
Financial Statement and Exhibits. |
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(c) |
Exhibits. |
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99.1 |
Press release issued by Louisiana - acific Corporation on July 27, 2005 regarding Second Quarter 2005 Results. |
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99.2 |
Unaudited consolidated statements of income of LP, and selected segment information, for the year ended December 31, 2004 and for the three months ended March 31, June 30, September 30, and December 31, 2004 and for the three months ended March 31 and June 30, 2005 |
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2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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LOUISIANA-PACIFIC CORPORATION |
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By: |
/s/ CURTIS M. STEVENS |
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Curtis M. Stevens |
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Executive Vice President and Chief |
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Financial Officer |
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(Principal Financial Officer) |
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Date: July 27, 2005 |
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3
Exhibit 99.1
DRAFT 6/21/05 - 1:00 pm
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NEWS RELEASE |
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Release No. |
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414 Union Street, Suite 2000 |
Contact: |
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Nashville, TN 37219-1711 |
Mary Cohn (Media Relations) |
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615.986.5600 |
615-986-5886 |
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Fax: 615.986.5666 |
Mike Kinney / Becky Barckley (Investor Relations) |
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615-986-5600 |
FOR RELEASE AT 8:00 A.M. (EDT) WEDNESDAY, JULY 27, 2005
LP Reports Second Quarter Profits
Nashville, TN. (July 27, 2005) - Louisiana-Pacific Corporation (LP) (NYSE: LPX) reported today second quarter net income of $100 million, or $0.90 per diluted share, on sales from continuing operations of $692 million. In the second quarter of 2004, LP’s net income was $192 million, or $1.77 per diluted share, on sales from continuing operations of $790 million. For the first six months of 2005, LP reported net income of $202 million, or $1.82 per diluted share, on sales from continuing operations of $1.4 billion compared to net income of $299 million, or $2.73 per diluted share, on sales from continuing operations of $1.5 billion for the first six months of 2004.
For the second quarter of 2005, income from continuing operations was $104 million, or $0.94 per diluted share. In the second quarter of 2004, LP’s income from continuing operations was $188 million, or $1.71 per diluted share. For the first six months 2005, income from continuing operations was $210 million, or $1.89 per diluted share. For the first six months of 2004, income from continuing operations was $298 million, or $2.72 per diluted share. Results for the first six months of 2004 included charges primarily for the early extinguishment of debt, impairments of long-lived assets, litigation and other net operating charges totaling $63 million ($39 million after tax, or $0.36 per diluted share).
1
“Though OSB prices continued a downward trend in the quarter, our other businesses showed improved performance from last quarter, with the result that LP again earned over $100 million in quarterly net income,” said Rick Frost, CEO. “Compared to the same quarter last year, when the industry realized record OSB pricing, OSB prices declined 27%, leading to an almost $150 million year-over-year decline in both quarterly OSB sales and operating profits. Our non-OSB businesses grew sales by over $35 million compared to same quarter last year. ”
Frost continued, “Engineered Wood Products experienced strong profitability compared to the previous quarter, due to both increased sales and volumes. Siding rebounded from a slow first quarter, and our decking business performed strongly. We are making steady progress toward our goal of growing the sales and profitability of our non-OSB businesses, while still enjoying a favorable OSB market.”
At 11:00 a.m. EST (8:00 a.m. PST) today, LP will host a webcast on its second quarter 2005 financial results. To access the live webcast and accompanying presentation, visit www.lpcorp.com and go to the “Investor Relations” section from the main menu.
LP is a premier supplier of building materials, delivering innovative, high-quality commodity and specialty products to its retail, wholesale, homebuilding and industrial customers. Visit LP’s web site at www.lpcorp.com for additional information on the company.
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FORWARD LOOKING STATEMENTS
This news release contains statements concerning Louisiana-Pacific Corporation’s (LP) future results and performance that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The matters addressed in these statements are subject to a number of risks, uncertainties and assumptions that may cause actual results to differ materially from those projected, including, but not limited to, the effect of general economic conditions, including the level of interest rates and housing starts, market demand for the company’s products, and prices for structural products; the effect of forestry, land use, environmental and other governmental regulations; the ability to obtain regulatory approvals; and the risk of losses from fires, floods and other natural disasters. These and other factors that could cause or contribute to actual results differing materially from those contemplated by such forward-looking statements are discussed in greater detail in the company’s Securities and Exchange Commission filings.
2
LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES
FINANCIAL AND QUARTERLY DATA
(Dollar amounts in millions, except per share amounts) (Unaudited)
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Quarter Ended |
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Six Months Ended |
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June 30, |
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June 30, |
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2005 |
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2004 |
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2005 |
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2004 |
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Net sales |
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$ |
692.0 |
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$ |
790.2 |
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$ |
1,353.4 |
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$ |
1,464.0 |
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Income before taxes and equity in earnings of unconsolidated affiliates |
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$ |
159.5 |
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$ |
292.7 |
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$ |
324.5 |
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$ |
464.3 |
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Income from continuing operations excluding
(gain) loss on sale |
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$ |
104.8 |
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$ |
190.4 |
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$ |
209.9 |
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$ |
336.5 |
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Income from continuing operations |
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$ |
104.4 |
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$ |
188.1 |
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$ |
209.8 |
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$ |
297.6 |
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Net income |
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$ |
100.3 |
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$ |
192.4 |
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$ |
202.0 |
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$ |
298.9 |
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Net income per share - basic |
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$ |
0.90 |
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$ |
1.77 |
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$ |
1.83 |
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$ |
2.77 |
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- diluted |
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$ |
0.90 |
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$ |
1.75 |
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$ |
1.82 |
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$ |
2.73 |
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Average shares outstanding (in millions) |
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Basic |
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110.9 |
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109.0 |
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110.5 |
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107.9 |
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Diluted |
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111.5 |
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110.2 |
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111.3 |
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109.3 |
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Calculation of income from continuing operations excluding (gain) loss on sale or impairment of long-lived assets, other operating credits and charges, net and loss on early extinguishment of debt:
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Income from continuing operations |
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$ |
104.4 |
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$ |
188.1 |
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$ |
209.8 |
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$ |
297.6 |
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(Gain) loss on sale or impairment of long-lived assets |
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(0.7 |
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0.2 |
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(0.9 |
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13.0 |
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Other operating credits and charges, net |
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1.4 |
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2.4 |
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1.1 |
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9.1 |
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Loss on early extinguishment of debt |
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— |
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1.2 |
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— |
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41.3 |
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0.7 |
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3.8 |
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0.2 |
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63.4 |
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Provision for income taxes |
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0.3 |
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1.5 |
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0.1 |
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24.5 |
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0.4 |
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2.3 |
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0.1 |
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38.9 |
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$ |
104.8 |
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$ |
190.4 |
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$ |
209.9 |
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$ |
336.5 |
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Per share - basic |
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$ |
0.95 |
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$ |
1.75 |
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$ |
1.90 |
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$ |
3.12 |
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diluted |
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$ |
0.94 |
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$ |
1.73 |
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$ |
1.89 |
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$ |
3.08 |
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3
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES
(Dollar amounts in millions, except per share amounts) (Unaudited)
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Quarter Ended June 30, |
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Six Months Ended June 30, |
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2005 |
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2004 |
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2005 |
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2004 |
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Net Sales |
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$ |
692.0 |
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$ |
790.2 |
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$ |
1,353.4 |
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$ |
1,464.0 |
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OPERATING COSTS AND EXPENSES |
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Cost of sales |
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463.5 |
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416.8 |
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889.1 |
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775.3 |
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Depreciation, amortization and depletion |
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32.4 |
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31.4 |
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65.3 |
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64.2 |
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Selling and administrative |
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36.1 |
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40.4 |
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73.7 |
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81.8 |
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(Gain) loss on sale or impairment of long lived assets |
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(0.7 |
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0.2 |
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(0.9 |
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13.0 |
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Other operating credits and charges, net |
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1.4 |
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2.4 |
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1.1 |
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9.1 |
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Total operating costs and expenses |
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532.7 |
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491.2 |
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1,028.3 |
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943.4 |
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Income from operations |
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159.3 |
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299.0 |
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325.1 |
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520.6 |
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NON-OPERATING INCOME (EXPENSE) |
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Foreign currency exchange (loss) gain |
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(1.4 |
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1.3 |
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(2.0 |
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1.1 |
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Loss on early extinguishment of debt |
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— |
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(1.2 |
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— |
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(41.3 |
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Interest expense, net of capitalized interest |
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(15.3 |
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(15.4 |
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(31.0 |
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(35.4 |
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Investment income |
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16.9 |
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9.0 |
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32.4 |
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19.3 |
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Total non-operating income (expense) |
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0.2 |
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(6.3 |
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(0.6 |
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(56.3 |
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Income before taxes and equity in earnings of unconsolidated affliates |
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159.5 |
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292.7 |
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324.5 |
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464.3 |
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Provision for income taxes |
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55.2 |
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105.4 |
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115.5 |
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168.0 |
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Equity in income of unconsolidated affliates |
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(0.1 |
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(0.8 |
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(0.8 |
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(1.3 |
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Income from continuing operations |
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104.4 |
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188.1 |
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209.8 |
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297.6 |
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DISCONTINUED OPERATIONS |
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Income (loss) from discontinued operations |
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(6.6 |
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7.0 |
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(12.6 |
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2.1 |
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Income tax provision (benefit) |
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(2.5 |
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2.7 |
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(4.8 |
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0.8 |
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Income (loss) from discontinued operations |
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(4.1 |
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4.3 |
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(7.8 |
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1.3 |
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Net income |
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$ |
100.3 |
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$ |
192.4 |
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$ |
202.0 |
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$ |
298.9 |
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Net income per share of common stock (basic): |
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Income from continuing operations |
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$ |
0.94 |
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$ |
1.73 |
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$ |
1.90 |
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$ |
2.76 |
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Income (loss) from discontinued operations |
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(0.04 |
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0.04 |
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(0.07 |
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0.01 |
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Net Income - per share basic |
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$ |
0.90 |
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$ |
1.77 |
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$ |
1.83 |
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$ |
2.77 |
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Net income per share of common stock (diluted): |
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Income from continuing operations |
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$ |
0.94 |
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$ |
1.71 |
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$ |
1.89 |
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$ |
2.72 |
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Income (loss) from discontinued operations |
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(0.04 |
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0.04 |
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(0.07 |
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0.01 |
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Net Income - per share diluted |
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$ |
0.90 |
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$ |
1.75 |
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$ |
1.82 |
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$ |
2.73 |
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Average shares of stock outstanding - basic |
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110.9 |
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109.0 |
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110.5 |
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107.9 |
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Average shares of stock outstanding - diluted |
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111.5 |
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110.2 |
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111.3 |
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109.3 |
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4
CONDENSED CONSOLIDATED BALANCE SHEETS
LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES
(Dollar amounts in millions) (Unaudited)
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June 30, 2005 |
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December 31, 2004 |
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ASSETS |
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Cash and cash equivalents |
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$ |
656.5 |
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$ |
544.7 |
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Short-term investments |
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635.4 |
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608.2 |
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Receivables, net |
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189.3 |
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185.5 |
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Inventories |
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218.5 |
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203.5 |
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Prepaid expenses and other current assets |
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17.3 |
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15.9 |
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Deferred income taxes |
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1.0 |
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26.7 |
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Current portion of notes receivable from asset sales |
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70.8 |
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— |
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Current assets of discontinued operations |
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17.6 |
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19.6 |
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Total current assets |
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1,806.4 |
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1,604.1 |
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Timber and timberlands |
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95.6 |
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97.7 |
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Property, plant and equipment |
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1,762.8 |
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1,758.6 |
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Accumulated depreciation |
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(1,018.7 |
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(1,008.3 |
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Net property, plant and equipment |
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744.1 |
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750.3 |
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Goodwill |
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273.5 |
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273.5 |
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Notes receivable from asset sales |
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333.1 |
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403.8 |
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Long-term investments |
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35.3 |
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30.2 |
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Restricted cash |
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66.4 |
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65.5 |
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Investments in and advances to affliates |
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176.8 |
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132.7 |
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Other assets |
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49.2 |
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37.6 |
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Long-term assets of discontinued operations |
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27.1 |
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55.2 |
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Total assets |
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$ |
3,607.5 |
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$ |
3,450.6 |
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LIABILITIES AND EQUITY |
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Current portion of long-term debt |
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$ |
193.0 |
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$ |
178.0 |
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Current portion of limited recourse notes payable |
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69.7 |
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— |
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Accounts payable and accrued liabilities |
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218.3 |
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250.0 |
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Current portion of contingency reserves |
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12.0 |
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12.0 |
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Total current liabilities |
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493.0 |
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440.0 |
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Long-term debt, excluding current portion: |
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Limited recourse notes payable |
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326.8 |
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396.5 |
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Other long-term debt |
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209.7 |
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226.0 |
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Total long-term debt, excluding current portion |
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536.5 |
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622.5 |
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Contingency reserves, excluding current portion |
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37.4 |
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42.1 |
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Other long-term liabilities |
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54.5 |
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60.7 |
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Deferred income taxes |
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528.6 |
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517.5 |
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||
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Commitments and contingencies |
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Stockholders’ equity: |
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Common stock |
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116.9 |
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116.9 |
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Additional paid-in capital |
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438.7 |
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440.0 |
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||
|
Retained earnings |
|
1,583.3 |
|
1,406.2 |
|
||
|
Treasury stock |
|
(113.3 |
) |
(127.4 |
) |
||
|
Accumulated comprehensive loss |
|
(68.1 |
) |
(67.9 |
) |
||
|
Total stockholders’ equity |
|
1,957.5 |
|
1,767.8 |
|
||
|
Total liabilities and equity |
|
$ |
3,607.5 |
|
$ |
3,450.6 |
|
5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES
(Dollar amounts in millions) (Unaudited)
|
|
|
Six Months Ended June 30, |
|
||||
|
|
|
2005 |
|
2004 |
|
||
|
|
|
|
|
|
|
||
|
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
||
|
Net income |
|
$ |
202.0 |
|
$ |
298.9 |
|
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
||
|
Depreciation, amortization and cost of timber harvested |
|
66.4 |
|
67.0 |
|
||
|
Loss on sale or impairment of long-lived assets |
|
2.0 |
|
20.6 |
|
||
|
Tax effect of exercise of stock options |
|
3.5 |
|
— |
|
||
|
Loss on early debt extinguishment |
|
— |
|
41.3 |
|
||
|
Exchange (gain) loss on remeasurement |
|
6.3 |
|
(2.4 |
) |
||
|
Other operating charges and credits, net |
|
0.5 |
|
2.7 |
|
||
|
Cash settlement of contingencies |
|
(4.7 |
) |
(29.4 |
) |
||
|
Other adjustments, net |
|
7.6 |
|
11.3 |
|
||
|
Pension payments |
|
(12.0 |
) |
(33.0 |
) |
||
|
(Increase) decrease in receivables |
|
5.6 |
|
(27.8 |
) |
||
|
Increase in inventories |
|
(9.6 |
) |
(1.5 |
) |
||
|
Increase in prepaid expenses |
|
(0.1 |
) |
(3.7 |
) |
||
|
Decrease in accounts payable and accrued liabilities |
|
(50.9 |
) |
(20.7 |
) |
||
|
Increase in deferred income taxes |
|
34.7 |
|
66.3 |
|
||
|
Net cash provided by operating activities |
|
251.3 |
|
389.6 |
|
||
|
|
|
|
|
|
|
||
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
||
|
Property, plant and equipment additions |
|
(67.0 |
) |
(55.4 |
) |
||
|
Proceeds from asset sales |
|
30.1 |
|
12.1 |
|
||
|
Investment in joint ventures |
|
(52.1 |
) |
(6.7 |
) |
||
|
Proceeds of sales of investments |
|
1,680.3 |
|
284.8 |
|
||
|
Cash paid for purchase of investments |
|
(1,711.7 |
) |
(788.6 |
) |
||
|
Other investing activities, net |
|
— |
|
(0.5 |
) |
||
|
Net cash used in investing activities |
|
(120.4 |
) |
(554.3 |
) |
||
|
|
|
|
|
|
|
||
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
||
|
Repayment of long-term debt |
|
— |
|
(246.4 |
) |
||
|
Sale of common stock under equity plans |
|
8.7 |
|
29.6 |
|
||
|
Payment of cash dividends |
|
(24.9 |
) |
(13.4 |
) |
||
|
Decrease in restricted cash under LOCs |
|
(0.8 |
) |
29.3 |
|
||
|
Net cash used in financing activities |
|
(17.0 |
) |
(200.9 |
) |
||
|
|
|
|
|
|
|
||
|
EFFECT OF EXCHANGE RATE ON CASH AND CASH EQUIVALENTS: |
|
(2.1 |
) |
— |
|
||
|
|
|
|
|
|
|
||
|
Net increase (decrease) in cash and cash equivalents |
|
111.8 |
|
(365.6 |
) |
||
|
Cash and cash equivalents at beginning of period |
|
544.7 |
|
925.9 |
|
||
|
|
|
|
|
|
|
||
|
Cash and cash equivalents at end of period |
|
$ |
656.5 |
|
$ |
560.3 |
|
6
LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES
SELECTED SEGMENT INFORMATION
(Dollar amounts in millions) (Unaudited)
|
|
|
Quarter Ended June 30, |
|
Six Months Ended June 30, |
|
||||||||
|
|
|
2005 |
|
2004 |
|
2005 |
|
2004 |
|
||||
|
Net sales: |
|
|
|
|
|
|
|
|
|
||||
|
OSB |
|
$ |
403.9 |
|
$ |
535.9 |
|
$ |
820.1 |
|
$ |
992.5 |
|
|
Siding |
|
125.2 |
|
113.8 |
|
220.6 |
|
211.2 |
|
||||
|
Engineered Wood Products |
|
120.5 |
|
103.6 |
|
229.8 |
|
183.0 |
|
||||
|
Other |
|
45.6 |
|
37.6 |
|
88.4 |
|
81.8 |
|
||||
|
Less: Intersegment sales |
|
(3.2 |
) |
(0.7 |
) |
(5.5 |
) |
(4.5 |
) |
||||
|
|
|
$ |
692.0 |
|
$ |
790.2 |
|
$ |
1,353.4 |
|
$ |
1,464.0 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Operating profit (loss): |
|
|
|
|
|
|
|
|
|
||||
|
OSB |
|
$ |
146.6 |
|
$ |
309.1 |
|
$ |
317.9 |
|
$ |
562.7 |
|
|
Siding |
|
16.4 |
|
16.4 |
|
23.4 |
|
27.7 |
|
||||
|
Engineered Wood Products |
|
12.1 |
|
0.7 |
|
17.7 |
|
(0.2 |
) |
||||
|
Other |
|
5.2 |
|
3.1 |
|
10.7 |
|
6.6 |
|
||||
|
Other operating credits and charges, net |
|
(1.4 |
) |
(2.4 |
) |
(1.1 |
) |
(9.1 |
) |
||||
|
Gain (loss) on sales of and impairment of on long lived assets |
|
0.7 |
|
(0.2 |
) |
0.9 |
|
(13.0 |
) |
||||
|
General corporate and other expenses, net |
|
(20.2 |
) |
(26.9 |
) |
(43.6 |
) |
(52.8 |
) |
||||
|
Early extinguishment of debt |
|
— |
|
(1.2 |
) |
— |
|
(41.3 |
) |
||||
|
Foreign currency gains (losses) |
|
(1.4 |
) |
1.3 |
|
(2.0 |
) |
1.1 |
|
||||
|
Investment income (interest expense), net |
|
1.6 |
|
(6.4 |
) |
1.4 |
|
(16.1 |
) |
||||
|
Income from operations before taxes |
|
159.6 |
|
293.5 |
|
325.3 |
|
465.6 |
|
||||
|
Provision for income taxes |
|
55.2 |
|
105.4 |
|
115.5 |
|
168.0 |
|
||||
|
Income from continuing operations before cumulative effect |
|
$ |
104.4 |
|
$ |
188.1 |
|
$ |
209.8 |
|
$ |
297.6 |
|
7
LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES
NOTES TO FINANCIAL DATA
(Dollar amounts in millions, except per share amounts) (Unaudited)
1. Results of operations for interim periods are not necessarily indicative of results to be expected for an entire year.
2. Other Operating Charges and Credits, Net:
The major components of “Other operating charges and credits, net” in the Consolidated Statements of Income for the quarter and six months ended June 30 and are reflected in the table below and are described in the paragraphs following the table:
|
|
|
2005 |
|
2004 |
|
||||||||
|
Quarter Ended June 30, |
|
Pre-tax |
|
After tax |
|
Pre-tax |
|
After tax |
|
||||
|
Charges associated with the corporate relocation |
|
$ |
(1.5 |
) |
$ |
(0.9 |
) |
$ |
(2.4 |
) |
$ |
(1.5 |
) |
|
Other |
|
0.1 |
|
0.1 |
|
— |
|
— |
|
||||
|
|
|
$ |
(1.4 |
) |
$ |
(0.8 |
) |
$ |
(2.4 |
) |
$ |
(1.5 |
) |
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
2005 |
|
2004 |
|
||||||||
|
Six Months Ended June 30, |
|
Pre-tax |
|
After tax |
|
Pre-tax |
|
After tax |
|
||||
|
Revisions to environmental contingency reserves |
|
$ |
— |
|
$ |
— |
|
$ |
1.7 |
|
$ |
1.0 |
|
|
Charges associated with the corporate relocation |
|
(2.1 |
) |
(1.3 |
) |
(4.4 |
) |
(2.7 |
) |
||||
|
Loss related to assets and liabilities transferred under contractual arrangement |
|
1.0 |
|
0.6 |
|
— |
|
— |
|
||||
|
Increase in litigation reserves |
|
— |
|
— |
|
(6.0 |
) |
(3.7 |
) |
||||
|
Other |
|
— |
|
— |
|
(0.4 |
) |
(0.2 |
) |
||||
|
|
|
$ |
(1.1 |
) |
$ |
(0.7 |
) |
$ |
(9.1 |
) |
$ |
(5.6 |
) |
In the first quarter of 2004, LP recorded a gain of $1.7 million ($1.0 after taxes, or $0.01 per diluted share) associated with a reduction in environmental reserves in relation to our former Alaska operations, a charge of $6.0 million ($3.7 million after taxes, or $0.3 per diluted share) for an increase in litigation reserves due to an adverse court ruling and a charge of $2.0 million ($1.2 million after taxes, or $0.01 per diluted share) associated with the relocation and consolidation of LP’s corporate offices to Nashville, Tennessee.
In the second quarter of 2004, LP recorded a charge of $2.4 million ($1.5 million after taxes, or $0.01 per diluted share) associated with the relocation and consolidation of LP’s corporate offices to Nashville, Tennessee.
In the first quarter of 2005, LP recorded a gain of $0.9 million ($0.6 million after taxes, or $0.01 per diluted share) associated with the recovery of a previous loss associated with the sale of the Samoa, California pulp mill and a charge of $0.6 million ($0.4 million after taxes, or $0.00 per diluted share) associated with the relocation and consolidation of LP’s corporate offices to Nashville, Tennessee.
In the second quarter of 2005, LP recorded a charge of $1.5 million ($0.9 million after taxes, or $0.01 per diluted share) associated with the relocation and consolidation of LP’s corporate offices to Nashville, Tennessee.
3. Gain (Loss) on Sale or Impairment of Long-Lived Assets:
The major components of “Gain (loss) on sale or impairment of long-lived assets” in the Consolidated Statements Of Income for the quarter and six months ended June 30 are reflected in the table below and are described in the paragraphs following the tables:
8
|
|
|
2005 |
|
2004 |
|
||||||||
|
Quarter Ended June 30, |
|
Pre-tax |
|
After tax |
|
Pre-tax |
|
After tax |
|
||||
|
Gain (loss) on other long-lived assets, net |
|
$ |
(0.5 |
) |
$ |
(0.3 |
) |
$ |
(0.2 |
) |
$ |
(0.1 |
) |
|
Impairment charges on fixed assets |
|
1.2 |
|
0.7 |
|
— |
|
— |
|
||||
|
|
|
$ |
0.7 |
|
$ |
0.4 |
|
$ |
(0.2 |
) |
$ |
(0.1 |
) |
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
2005 |
|
2004 |
|
||||||||
|
Six months ended June 30, |
|
Pre-tax |
|
After tax |
|
Pre-tax |
|
After tax |
|
||||
|
Gain (loss) on other long-lived assets, net |
|
$ |
(0.3 |
) |
$ |
(0.2 |
) |
$ |
(0.1 |
) |
$ |
(0.1 |
) |
|
Impairment charges on fixed assets |
|
1.2 |
|
0.7 |
|
(12.9 |
) |
(7.9 |
) |
||||
|
|
|
$ |
0.9 |
|
$ |
0.6 |
|
$ |
(13.0 |
) |
$ |
(8.0 |
) |
In the first quarter of 2004, LP recorded a loss of $9.7 million ($6.4 million after taxes, or $0.05 per diluted share) on the cancellation of a capital project to build a veneer mill in British Columbia and $3.2 million ($2.0 million after taxes, or $0.02 per diluted share) for impairment of timber rights associated with a cedar mill in British Columbia, Canada to reduce the book value to the estimated realizable sales value.
In the second quarter of 2005, LP reversed $1.2 million on the impairment recorded in the first quarter of 2004 due to management’s decision to continue to retain and operate certain timber tenure rights previously classified as discontinued operations.
4. Income Taxes
|
|
|
Quarter Ended June 30, |
|
Six Months Ended June 30, |
|
||||||||
|
|
|
2005 |
|
2004 |
|
2005 |
|
2004 |
|
||||
|
Continuing operations |
|
$ |
159.6 |
|
$ |
293.5 |
|
$ |
325.3 |
|
$ |
465.6 |
|
|
Discontinued operations |
|
(6.6 |
) |
7.0 |
|
(12.6 |
) |
2.1 |
|
||||
|
|
|
153.0 |
|
300.5 |
|
312.7 |
|
467.7 |
|
||||
|
Total tax provision |
|
52.7 |
|
108.1 |
|
110.7 |
|
168.8 |
|
||||
|
Net income |
|
$ |
100.3 |
|
$ |
192.4 |
|
$ |
202.0 |
|
$ |
298.9 |
|
Accounting standards require that the estimated effective income tax rate (based upon estimated annual amounts of taxable income and expense) by income component for the year be applied to year-to-date income or loss at the end of each quarter. At year end, the income tax accrual is adjusted to actual with the difference between the previously accrued year to date balance and actual being charged to the current quarter. The primary difference between the blended rate (39%) on continuing operations and the calculated rate relates to a permanent difference associated with certain inter-company debt which is denominated in Canadian dollars. The components and associated effective income tax rates applied to each period are as follows:
9
|
|
|
Quarter Ended June 30, |
|
||||||||
|
|
|
2005 |
|
2004 |
|
||||||
|
|
|
Tax Provision |
|
Tax Rate |
|
Tax Provision |
|
Tax Rate |
|
||
|
Continuing operations |
|
$ |
55.2 |
|
35 |
% |
$ |
105.4 |
|
36 |
% |
|
Discontinued operations |
|
(2.5 |
) |
38 |
% |
2.7 |
|
39 |
% |
||
|
|
|
$ |
52.7 |
|
34 |
% |
$ |
108.1 |
|
36 |
% |
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
Six Months Ended June 30, |
|
||||||||
|
|
|
2005 |
|
2004 |
|
||||||
|
|
|
Tax Provision |
|
Tax Rate |
|
Tax Provision |
|
Tax Rate |
|
||
|
Continuing operations |
|
$ |
115.5 |
|
36 |
% |
$ |
168.0 |
|
36 |
% |
|
Discontinued operations |
|
(4.8 |
) |
38 |
% |
0.8 |
|
38 |
% |
||
|
|
|
$ |
110.7 |
|
35 |
% |
$ |
168.8 |
|
36 |
% |
10
LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES
SUMMARY OF PRODUCTION VOLUMES
|
|
|
Quarter Ended June 30, |
|
Six Month Ended June 30, |
|
||||
|
|
|
2005 |
|
2004 |
|
2005 |
|
2004 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Oriented strand board, million square feet 3/8” basis |
|
1,402 |
|
1,397 |
|
2,773 |
|
2,761 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Oriented strand board, million square feet
3/8” basis |
|
23 |
|
3 |
|
26 |
|
8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Wood-based siding, million square feet 3/8” basis |
|
264 |
|
254 |
|
514 |
|
514 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Engineered I-Joist, million lineal feet |
|
23 |
|
23 |
|
49 |
|
45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Laminated veneer lumber (LVL), thousand cubic feet |
|
3,182 |
|
3,054 |
|
6,375 |
|
5,890 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Composite Decking, thousand lineal feet |
|
14 |
|
10 |
|
26 |
|
16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Vinyl Siding, squares |
|
775 |
|
804 |
|
1,510 |
|
1,591 |
|
11
Exhibit 99.2
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES
(AMOUNTS IN MILLIONS EXCEPT PER SHARE) (UNAUDITED)
|
|
|
2004 |
|
2005 |
|
|||||||||||||||||
|
|
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Total |
|
Q1 |
|
Q2 |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Net Sales |
|
$ |
673.8 |
|
$ |
790.2 |
|
$ |
702.3 |
|
$ |
564.4 |
|
$ |
2,730.7 |
|
$ |
661.4 |
|
$ |
692.0 |
|
|
OPERATING COSTS AND EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Cost of sales |
|
358.4 |
|
416.7 |
|
427.5 |
|
431.7 |
|
1,634.3 |
|
425.6 |
|
463.5 |
|
|||||||
|
Depreciation, amortization and cost of timber harvested |
|
32.9 |
|
31.3 |
|
39.2 |
|
37.7 |
|
141.1 |
|
32.9 |
|
32.4 |
|
|||||||
|
Selling and administrative |
|
41.5 |
|
40.4 |
|
38.1 |
|
39.7 |
|
159.7 |
|
37.6 |
|
36.1 |
|
|||||||
|
(Gain) loss on sale or impairment of long lived assets |
|
12.8 |
|
0.2 |
|
2.7 |
|
5.8 |
|
21.5 |
|
(0.2 |
) |
(0.7 |
) |
|||||||
|
Other operating credits and charges, net |
|
6.7 |
|
2.4 |
|
15.5 |
|
4.1 |
|
28.7 |
|
(0.3 |
) |
1.4 |
|
|||||||
|
Total operating costs and expenses |
|
452.3 |
|
491.0 |
|
523.0 |
|
519.0 |
|
1,985.3 |
|
495.6 |
|
532.7 |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Income from operations |
|
221.5 |
|
299.2 |
|
179.3 |
|
45.4 |
|
745.4 |
|
165.8 |
|
159.3 |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
NON-OPERATING INCOME (EXPENSE) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Foreign currency exchange loss |
|
(0.3 |
) |
1.4 |
|
1.8 |
|
6.8 |
|
9.7 |
|
(0.6 |
) |
(1.4 |
) |
|||||||
|
Loss on early extinguishment of debt |
|
(40.0 |
) |
(1.3 |
) |
(0.2 |
) |
— |
|
(41.5 |
) |
— |
|
— |
|
|||||||
|
Interest expense, net of capitalized interest |
|
(20.0 |
) |
(15.4 |
) |
(14.4 |
) |
(15.5 |
) |
(65.3 |
) |
(15.7 |
) |
(15.3 |
) |
|||||||
|
Investment income |
|
10.3 |
|
9.0 |
|
11.3 |
|
15.0 |
|
45.6 |
|
15.5 |
|
16.9 |
|
|||||||
|
Total non-operating income (expense) |
|
(50.0 |
) |
(6.3 |
) |
(1.5 |
) |
6.3 |
|
(51.5 |
) |
(0.8 |
) |
0.2 |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Income before taxes and equity in earnings
of |
|
171.5 |
|
292.9 |
|
177.8 |
|
51.7 |
|
693.9 |
|
165.0 |
|
159.5 |
|
|||||||
|
Provision for income taxes |
|
62.6 |
|
105.4 |
|
72.8 |
|
36.7 |
|
277.5 |
|
60.3 |
|
55.2 |
|
|||||||
|
Equity in earnings of unconsolidated affliates |
|
(0.5 |
) |
(0.7 |
) |
(0.6 |
) |
(2.0 |
) |
(3.8 |
) |
(0.7 |
) |
(0.1 |
) |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Income from continuing operations |
|
109.4 |
|
188.2 |
|
105.6 |
|
17.0 |
|
420.2 |
|
105.4 |
|
104.4 |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
DISCONTINUED OPERATIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Income (loss) from discontinued operations before taxes |
|
(4.9 |
) |
7.0 |
|
4.0 |
|
(5.4 |
) |
0.7 |
|
(6.0 |
) |
(6.6 |
) |
|||||||
|
Income tax benefit |
|
(1.9 |
) |
2.7 |
|
1.5 |
|
(2.1 |
) |
0.2 |
|
(2.3 |
) |
(2.5 |
) |
|||||||
|
Income (loss) from discontinued operations |
|
(3.0 |
) |
4.3 |
|
2.5 |
|
(3.3 |
) |
0.5 |
|
(3.7 |
) |
(4.1 |
) |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Net income |
|
$ |
106.4 |
|
$ |
192.5 |
|
$ |
108.1 |
|
$ |
13.7 |
|
$ |
420.7 |
|
$ |
101.7 |
|
$ |
100.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Net income per share of common stock (basic): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Income from continuing operations |
|
$ |
1.02 |
|
$ |
1.73 |
|
$ |
0.97 |
|
$ |
0.16 |
|
$ |
3.88 |
|
$ |
0.95 |
|
$ |
0.94 |
|
|
Income (loss) from discontinued operations |
|
(0.03 |
) |
0.04 |
|
0.02 |
|
(0.03 |
) |
— |
|
(0.03 |
) |
(0.04 |
) |
|||||||
|
Net Income - per share basic |
|
$ |
0.99 |
|
$ |
1.77 |
|
$ |
0.99 |
|
$ |
0.13 |
|
$ |
3.88 |
|
$ |
0.92 |
|
$ |
0.90 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Net income per share of common stock (diluted): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Income from continuing operations |
|
$ |
1.01 |
|
$ |
1.71 |
|
$ |
0.96 |
|
$ |
0.16 |
|
$ |
3.84 |
|
$ |
0.95 |
|
$ |
0.94 |
|
|
Income (loss) from discontinued operations |
|
(0.03 |
) |
0.04 |
|
0.02 |
|
(0.03 |
) |
— |
|
(0.04 |
) |
(0.04 |
) |
|||||||
|
Net Income - per share diluted |
|
$ |
0.98 |
|
$ |
1.75 |
|
$ |
0.98 |
|
$ |
0.13 |
|
$ |
3.84 |
|
$ |
0.91 |
|
$ |
0.90 |
|
SELECTED SEGMENT DATA
LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES
(AMOUNTS IN MILLIONS) (UNAUDITED)
|
|
|
2004 |
|
2005 |
|
|||||||||||||||||
|
|
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Total |
|
Q1 |
|
Q2 |
|
|||||||
|
Net sales: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
OSB |
|
$ |
456.6 |
|
$ |
535.9 |
|
$ |
436.3 |
|
$ |
320.2 |
|
$ |
1,749.0 |
|
$ |
416.2 |
|
$ |
403.9 |
|
|
Siding |
|
97.5 |
|
113.8 |
|
115.1 |
|
104.3 |
|
430.7 |
|
95.4 |
|
125.2 |
|
|||||||
|
Engineered Wood Products |
|
79.5 |
|
103.6 |
|
113.5 |
|
102.8 |
|
399.4 |
|
109.3 |
|
120.5 |
|
|||||||
|
Other |
|
44.0 |
|
37.6 |
|
41.4 |
|
38.6 |
|
161.6 |
|
42.8 |
|
45.6 |
|
|||||||
|
Less: Intersegment sales |
|
(3.8 |
) |
(0.7 |
) |
(4.0 |
) |
(1.5 |
) |
(10.0 |
) |
(2.3 |
) |
(3.2 |
) |
|||||||
|
|
|
$ |
673.8 |
|
$ |
790.2 |
|
$ |
702.3 |
|
$ |
564.4 |
|
$ |
2,730.7 |
|
$ |
661.4 |
|
$ |
692.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Operating profit (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
OSB |
|
$ |
253.6 |
|
$ |
309.1 |
|
$ |
199.1 |
|
$ |
67.9 |
|
$ |
829.7 |
|
$ |
171.3 |
|
$ |
146.6 |
|
|
Siding |
|
11.3 |
|
16.4 |
|
17.2 |
|
7.0 |
|
51.9 |
|
7.0 |
|
16.4 |
|
|||||||
|
Engineered Wood Products |
|
(0.9 |
) |
0.7 |
|
3.6 |
|
3.8 |
|
7.2 |
|
5.6 |
|
12.1 |
|
|||||||
|
Other |
|
3.5 |
|
3.1 |
|
3.4 |
|
4.7 |
|
14.7 |
|
5.5 |
|
5.2 |
|
|||||||
|
Other operating credits and charges, net |
|
(6.7 |
) |
(2.4 |
) |
(15.5 |
) |
(4.1 |
) |
(28.7 |
) |
0.3 |
|
(1.4 |
) |
|||||||
|
Gain (loss) on sale or impairment of long-lived asset |
|
(12.8 |
) |
(0.2 |
) |
(2.7 |
) |
(5.8 |
) |
(21.5 |
) |
0.2 |
|
0.7 |
|
|||||||
|
General corporate and other expenses, net |
|
(26.0 |
) |
(26.8 |
) |
(25.2 |
) |
(26.1 |
) |
(104.1 |
) |
(23.4 |
) |
(20.2 |
) |
|||||||
|
Foreign currency exchange gain (loss) |
|
(0.3 |
) |
1.4 |
|
1.8 |
|
6.8 |
|
9.7 |
|
(0.6 |
) |
(1.4 |
) |
|||||||
|
Loss on early debt extinguishment |
|
(40.0 |
) |
(1.3 |
) |
(0.2 |
) |
— |
|
(41.5 |
) |
— |
|
— |
|
|||||||
|
Investment income (interest expense), net |
|
(9.7 |
) |
(6.4 |
) |
(3.1 |
) |
(0.5 |
) |
(19.7 |
) |
(0.2 |
) |
1.6 |
|
|||||||
|
|
|
172.0 |
|
293.6 |
|
178.4 |
|
53.7 |
|
697.7 |
|
165.7 |
|
159.6 |
|
|||||||
|
Provision for income taxes |
|
62.6 |
|
105.4 |
|
72.8 |
|
36.7 |
|
277.5 |
|
60.3 |
|
55.2 |
|
|||||||
|
Income from continuing operations |
|
$ |
109.4 |
|
$ |
188.2 |
|
$ |
105.6 |
|
$ |
17.0 |
|
$ |
420.2 |
|
$ |
105.4 |
|
$ |
104.4 |
|